The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $970,801 and an estimated property value/price of $1,386,858. The property is located in NY and is within Nassau County. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account is required. The rate lock period is 60 days and the assumed credit score is 740.
At a 6.625% initial interest rate, the APR for this loan type is 7.175% subject to increase.
Based on current market conditions, the payment schedule would be:
- 120 monthly payments of $6,216.15 at an interest rate of 6.625%
- 239 monthly payments of $6,969.77 at an interest rate of 8.125%
- 1 monthly payment of $6,968.90 at an interest rate of 8.125%
If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.